Financial Globalization: A Reappraisal

We are grateful for helpful comments from Roger Gordon, referees, seminar participants at the BIS, ECB, HKMA, CEPR, Cornell University, and the University of Houston, where earlier versions of this paper were presented. Lore Aguilar, Cigdem Akin, Dionysios Kaltis and Ashley Taylor provided excellent research assistance. The views expressed in this paper are solely those of the authors and do not necessarily reflect those of the IMF or IMF policy.